Fletcher Allen, a Vermont university hospital and medical center, serves all of
Vermont and the northern New York region. Located in Burlington, Fletcher Allen is a regional, academic healthcare center and teaching hospital in alliance with the University of Vermont.
Fitch Upgrades Fletcher Allen Health Care's Bond Rating 'A-'. Outlook Stable.
July 18, 2014
Contact: Mike Noble
• Bond rating upgraded from 'BBB+' to ‘A-’
• Outlook is “Stable”
• Bends cost curve by significantly reducing borrowing costs
BURLINGTON, VT – Fletcher Allen Health Care announced today that Fitch Ratings, one of the major New York City-based bond rating services, has upgraded the institution’s bond rating from 'BBB+' to ‘A-’ with a “Stable” outlook.
Fitch based its decision not only on Fletcher Allen’s financial performance but also on the way that Fletcher Allen Partners was successfully able to integrate the New York-based hospitals into the system without any negative impact on the system’s operating or financial metrics.
“This bond rating upgrade reflects the hard work of everyone involved in developing Partners into a well-functioning integrated delivery system,” said John Brumsted, president and chief executive of Fletcher Allen Health Care and Fletcher Allen Partners. “As we move forward with necessary capital projects to improve our system, the cost of funding those projects will be substantially reduced. This is another example of bending the cost curve to benefit not only the system, but also all of the patients who come to us for care.”
The Fitch announcement can be viewed at: https://www.fitchratings.com/creditdesk/press_releases/detail.cfm?pr_id=840296&origin=home
About Fletcher Allen
Fletcher Allen Health Care, together with our partners at the University of Vermont College of Medicine and the College of Nursing and Health Sciences, is Vermont’s academic medical center. Fletcher Allen, along with Central Vermont Medical Center, CVPH Medical Center and Elizabethtown Community Hospital, are members of Fletcher Allen Partners, established to develop a more coordinated system of care throughout the region. Fletcher Allen also serves as a regional referral center -- providing advanced care to approximately one million people in Vermont and northern New York -- and as a community hospital for approximately 150,000 residents in Chittenden and Grand Isle counties. For more information about Fletcher Allen, find us online at http://www.fletcherallen.org or on our Facebook, Twitter, YouTube, and blog sites at www.fletcherallen.org/socialmedia.